Interim results for the six months ended 30 September 2013
Trinity’s net asset value per share at the end of September was 14pence. At the end of March the equivalent figure was 18pence (adjusting for the 5pence per share distribution Trinity made to shareholders in September). Most of the fall in the asset value is accounted for by the fall in the value of the Indian rupee. The Board say their co-investor in some of the remaining properties held by Trinity, SachsenFonds, continues to frustrate Trinity’s attempt to sell these assets. An attempt by Trinity to exercise a put option on one asset has so far not resulted in a sale and Trinity is considering legal action in this case in addition to its on going dispute with SachsenFonds. Trinity has cut its running costs and has £8.34m of cash. The Board intends to make further distributions when appropriate.